NEW DELHI: Shares of PC Jeweller climbed 6 per cent on Thursday ahead of its board meet on a share buyback proposal.The company had earlier decided to consider the buyback proposal along with its FY18 results on May 25.
However, a sharp fall on the counter prompted the firm to advance the meet to allay investor fears.
The stock rose 6.11 per cent to hit a high of Rs 221.35 on the BSE early today.News about one of the company promoters gifting shares to undisclosed relatives has buffeted the stock of late.
Allegations about PCJ's undisclosed business ties with Vakrangee, which is under Sebi probe for alleged price and volume manipulation, have further worried investors.
However, the management has denied all such allegations and issued clarifications, saying all is well.
"There was a lack of confidence in the company, which is why the stock has tanked," Anand Tandon, an independent market analyst, told ETNow.
When the market loses confidence in a stock, people want to be out of it rather than checking the company's position.
Nobody really spends time investigating, he said.